Greenlit Brands

OVERALL
Owned	ZAF
Rating

Furniture & homewares retail

Formerly known as Steinhoff Asia Pacific, it changed its name to Greenlit Brands in 2018 while its parent company faced scrutiny for accounting irregularities. Operates 319 stores across Australia and New Zealand, and 8 factories across Australia, China and Vietnam. Sold its general merchandise division to Allegro Funds in 2019, including the Best & less, Harris Scarfe, Debenhams and Postie retail chains.

Company Ownership

Greenlit Brands Pty Ltd	AUS	website	email
Steinhoff International Holdings Ltd       owns 100% of Greenlit Brands Pty Ltd	ZAF	website	email
Household goods Diversified manufacturer and marketer of furniture and other household goods whose operations cover Africa, Europe, India, and the Pacific Rim. Australian assets include Freedom furniture, Best & Less and Harris Scarfe. Purchased Pepkor Holdings in 2014 for $6.7 billion.

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Company Assessment

PRAISE	CRITICISM	INFORMATION
Greenlit Brands Pty Ltd
		Fined for misleading consumers In 2020 this company paid penalties totalling $25,200 after the ACCC issued it with two infringement notices for alleged false or misleading representations to customers about their consumer guarantee rights. [Source 2020][More on Governance] No tax paid in 2016/7 According to data released by the Australian Tax Office in Dec 2018, this company was one of 2,159 local and foreign-based companies that paid no tax in Australia in 2016-17. Please note however that companies pay income tax on profits, not revenue (total income). While some companies use tax havens and loopholes to avoid paying their fair share of tax in Australia, other companies that paid no tax have perfectly legitimate reasons. [Source 2018][More on Finance]
Steinhoff International Holdings Ltd
	Accounting scandal In December 2017 Steinhoff went from having a market capitalisation of $US19 billion to $US1.9 billion in the space of a few days, after it was discovered that several years of audited accounts could not be trusted. [Source 2018][More on Finance] 11.4% in Newsweek Green Ranking 2017 This company received a score of 11.4/100 in the Newsweek Green Ranking 2017, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor. [Source 2017][More on Sustainability Reporting]	Corporate responsibility claims This company has a number of corporate responsibility claims on its website. [Source 2014][More on Sustainability Reporting] Insider trading allegations This company faced criticism over it's 2014 purchase of Pepkor when directors bought shares without disclosing a deal was imminent. The company denies any wrongdoing. [Source 2014][More on Governance]

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